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BOSTON, Feb. 8, 2019 /PRNewswire/ -- Effective today, Eaton Vance Tax-Advantaged Bond and Option Strategies Fund (EXD) (the "Fund") is implementing changes to its name, investment objective and investment policies as described below. The changes were previously announced in November.

Name. The Fund's revised name is "Eaton Vance Tax-Managed Buy-Write Strategy Fund." It will continue to be listed on the New York Stock Exchange under the ticker symbol "EXD."

Investment Objectives. As revised, the Fund's primary objective is to provide current income and gains, with a secondary objective of capital appreciation. In pursuing its investment objectives, the Fund will evaluate returns on an after-tax basis, seeking to minimize and defer shareholder federal income taxes.

Investment Policies. Pursuant to its revised investment policies, the Fund's strategy will consist of owning a diversified portfolio of common stocks and selling covered index call options (a "buy-write strategy"). Under normal market conditions, the Fund's investment program will consist primarily of (1) owning a diversified portfolio of common stocks, a segment of which ("Segment One") seeks to exceed the total return performance of the S&P 500 Composite Stock Price Index® (the "S&P 500") and a segment of which ("Segment Two") seeks to exceed the total return performance of the NASDAQ 100 Index® (the "NASDAQ 100") and (2) selling on a continuous basis S&P 500 call options on at least 80% of the value of Segment One and NASDAQ 100 call options on at least 80% of the value of Segment Two. Initially, approximately 50% to 75% of the Fund's net assets will be invested in Segment One and the balance will be invested in Segment Two. Although the Fund will designate separate S&P 500 and NASDAQ 100 segments, the Fund's stock portfolio will be managed on an integrated basis. Over time, the percentages of the Fund's stock portfolio invested in each Segment may vary based on the investment adviser's evaluation of equity market conditions and other factors. Due to tax considerations, the Fund intends to limit the overlap between its stock portfolio holdings (and any subset thereof) and each of the S&P 500 and the NASDAQ 100 to less than 70% on an ongoing basis. The Fund's stock holdings may include stocks not included in either index.

The Fund will seek to generate current earnings in part by employing an options strategy of writing (selling) index call options on the S&P 500 and the NASDAQ 100. Under normal market conditions, the Fund expects to sell on a continuous basis S&P 500 call options on at least 80% of the value of Segment One and NASDAQ 100 call options on at least 80% of the value of Segment Two. Under normal market conditions, at least 80% of the value of the Fund's total assets will be subject to written index call options. Writing index call options involves a tradeoff between the option premiums received and reduced participation in potential future stock price appreciation of the Fund's portfolio of common stocks.

Management and Advisory Fees. Eaton Vance Management ("Eaton Vance") is the Fund's investment adviser and Parametric Portfolio Associates LLC ("Parametric") serves as sub-adviser. Michael A. Allison, CFA, of Eaton Vance and Thomas Seto of Parametric are the Fund's portfolio managers. Mr. Allison joined Eaton Vance in 2000, where he is vice president and director of equity strategy implementation and a member of the Equity Strategy Committee. Mr. Seto is head of investment management and a member of the executive committee at Parametric, which he joined in 1998. In connection with the implementation of the changes described herein, the investment advisory fee payable by the Fund to Eaton Vance is being reduced to 1.00% annually of the Fund's average daily net assets from 1.25% annually of average daily net assets.

Distributions. Beginning in March 2019, the Fund will commence monthly distributions at a rate of $0.0708 per share, equivalent to $0.2124 each quarter. This is an increase of 32.8% from the Fund's distribution for the quarter ended December 31, 2018 of $0.16 per share. The Fund makes distributions pursuant to a managed distribution plan, under which distributions may be affected by numerous factors, including changes in Fund performance, portfolio holdings, projected returns and other factors. There can be no assurance that an unanticipated change in market conditions or other unforeseen factors will not result in a change in the Fund's distributions at a future time. See below for important information about the Fund's managed distribution plan.

Additional information about the changes to the Fund's investment policies is available on the Fund's webpage at funds.eatonvance.com/EXD.

Eaton Vance is a subsidiary of Eaton Vance Corp. (EV), a leading global asset manager whose history dates to 1924. With offices in North America, Europe, Asia and Australia, Eaton Vance and its affiliates managed $423.1 billion in assets as of December 31, 2018, offering individuals and institutions a broad array of investment strategies and wealth management solutions. For more information, visit eatonvance.com.

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Shares of the Fund are available for purchase and sale only through secondary market trading on an exchange or alternative trading venue.

There is no assurance that the Fund will achieve its investment objective. The value of equity securities is sensitive to stock market volatility. Equity securities of mid-cap companies may trade with more abrupt or erratic price movements than equity securities of larger, more established companies or the stock market in general. Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks, and tend to be more sensitive to changes in their earnings and more volatile than other types of stocks. The value of index options is affected by changes in the value of the underlying index, changes in interest rates, changes in the actual or perceived volatility of the relevant index or market, and the remaining time to the options' expiration, as well as trading conditions in the options market. As the writer of index call options, the Fund will forgo, during the option's life, the opportunity to profit from increases in the value of the applicable index above the sum of the option premium received and the exercise price of the call option, but retains the risk of loss, minus the option premium received, should the value of the applicable index decline. Because their exercise is settled in cash, sellers of index call options such as the Fund cannot provide in advance for their potential settlement obligations by acquiring and holding the underlying securities. The Fund may engage in other investment practices that may involve additional risks.

The Fund makes distributions in accordance with a managed distribution plan. Under the managed distribution plan, the Fund issues a notice to shareholders and a press release containing information about the amount and sources of the distribution, payment date and other related information on the distribution. The Fund's distributions in any period may be more or less than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with "yield" or "income." Distributions in excess of Fund returns will cause its net asset value to erode. Investors should not draw any conclusions about the Fund's investment performance from the amount of its distribution or from the terms of its managed distribution plan. The Fund's Board may amend or terminate the managed distribution plan at any time without prior notice to Fund shareholders. Distributions may include amounts from sources other than net investment income. When that is the case, shareholders will be notified in writing. Further information about Fund distributions will be available prior to each payment date at funds.eatonvance.com. The final determination of tax characteristics of the Fund's distributions will occur after the end of the year, at which time such information will be reported to the shareholders.

Shares of closed-end funds often trade at a discount from their net asset value. The market price of Fund shares may vary from net asset value based on factors affecting the supply and demand for shares, such as Fund distribution rates relative to similar investments, investors' expectations for future distribution changes, the clarity of the Fund's investment strategy and future return expectations, and investors' confidence in the underlying markets in which the Fund invests. Fund shares are subject to investment risk, including possible loss of principal invested. The Fund is not a complete investment program and investors may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Before investing, an investor should consider carefully the Fund's investment objective, risks, charges and expenses.

The S&P 500 is an unmanaged index of 500 stocks maintained and published by Standard & Poor's that is market-capitalization weighted and generally representative of the performance of larger stocks traded in the United States. The NASDAQ 100 is an unmanaged index maintained by the Nasdaq Stock Market, Inc. (with its affiliates, "Nasdaq") that includes 100 of the largest domestic and international non-financial companies listed on Nasdaq based upon market capitalization. It is not possible to invest directly in an index. The Fund is not sponsored, endorsed, sold or promoted by Standard & Poor's or Nasdaq. Neither Standard & Poor's or Nasdaq has passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to the Fund. Standard & Poor's and Nasdaq make no representation regarding the advisability of investing in the Fund.

Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.